22 November 2016
Towergate today announces that its Board of Directors has approved the appointments of Vahe A. Dombalagian and Clive Bouch as non-executive directors. Both appointments are subject to regulatory approval.
Vahe A. Dombalagian
Vahe joins the Towergate Board as a representative of Madison Dearborn Partners (“MDP”), a leading private equity investment firm based in Chicago and significant investor in Towergate.
He is a Managing Director at MDP and head of the firm’s Financial and Transaction Services team. He currently serves on the Boards of Directors of Ankura Consulting Group, EVO Payments International, Fitness International, LLC, and NFP Corp. Prior to joining MDP, Vahe held positions with TPG and Bear, Stearns & Co. Inc.
Clive joins the Board as an independent non-executive director and will chair the Audit Committee.
He is a member of the Audit Committee at The Steamship Mutual Underwriting Association and chairs the Audit and Risk Committees at Invesco UK. Prior to that, he was a partner in Arthur Andersen and Deloitte, specialising in financial services.
Towergate Chairman John Tiner commented: “With the recent confirmation of MDP taking a meaningful shareholding position in Towergate, I am delighted to welcome Vahe and his vast experience in financial advisory services and strategy to our Board.
“I am also delighted to welcome Clive to the Board. His extensive background in audit and financial advisory services make him an ideal candidate to oversee our financial disclosure and reporting.
“Their appointments are another indication of Towergate’s continuing efforts to strengthen the team overseeing its new strategic direction. We have now appointed five new non-executive directors in 2016, bringing together expertise in digital, strategy, operations and underwriting as part of our turnaround initiative. Towergate possesses an extraordinarily strong market position and we look forward to continuing to execute our strategy with the guidance of our expanded Board.”
Vahe Dombalagian said today: “I am pleased to be joining the Towergate Board as the company navigates an exciting next chapter in its history. Towergate is well-positioned to continue seizing on strategic opportunities and leading the way in the U.K. insurance and broking market, and I look forward to working with my fellow Board members to support the company for continued success.”
Clive Bouch added: “I’m delighted to be joining the Board and serving as Audit Committee Chair of the UK’s leading independent general insurance distributor. It’s an exciting opportunity and I very much look forward to working with the Board and management team.”
Towergate is one of the UK’s largest independently owned insurance intermediaries.
Towergate is an important distribution channel for a significant range of insurance products and a key strategic partner for the UK’s largest insurers.
Towergate’s scale, customer insight and distribution relationships make it a unique business and a leader in the markets in which it operates. Its combination of distribution and underwriting gives it unparalleled consumer data and market insight.